QPN please inform the market as to the progress or otherwise of the first drilling in Ranau of Kayumanis-1. My Confidence in your ability to deliver is waning. Why see below on previous ASX releases made by QPN:
3/04/12 The Company has recently appointed a project manager Mr Rusdiyo Harjodarsono based in Indonesia to manage the exploration program. The Joint Study prioritised 3 high priority leads located within the Jaya sub-Basin. A review of the existing data has confirmed the Company’s intention to commence drilling prior to June 30, 2012. Quest has commenced discussions with drilling contractors and expects to negotiate and sign a 650HP or 750HP onshore drilling rig to be deployed in the Ranua area by June 2012. http://www.asx.com.au/asxpdf/20120403/pdf/425fcs56m92wc6.pdf
22/06/12 Quest Petroleum is currently preparing to drill its first exploration well in the highly prospective Ranau PSC. The location for the initial well has now been finalised and drilling rigs and materials are being sourced in preparation to drill. http://www.asx.com.au/asxpdf/20120622/pdf/426zjm88rldx6g.pdf
26/07/12 The first drill location has been finalised and the approvals and site access are well advanced. http://www.asx.com.au/asxpdf/20120726/pdf/427lt7gzp1rg9b.pdf
11/09/12 Quest Petroleum NL (ASX: QPN) anticipates approval from BPMIGAS (Indonesia’s Energy Regulator), of the AFE for the Kayumanis-1 Well, together with Quest’s 2012 work plan and budget shortly; following which the Company will be in position to advise on the planned spud date. & The drill site is on well drained, elevated land adjacent to a paved asphalt road which will expedite the commencement of drilling. http://www.asx.com.au/asxpdf/20120911/pdf/428mzrcg9f8w7f.pdf
23/10/12 Quest Petroleum NL (ASX:QPN) is pleased to advise that, the Indonesia Energy Regulator, BPMIGAS has approved the AFE for the Kayumanis-1 Well in the highly prospective Komering Basin, together with Quest’s 2012 Work Plan and Budget. These approvals represent a major milestone for the Company and enable negotiations for the drilling contract to be finalised and executed within the next month. All third party service contracts are being negotiated and materials and personnel are being mobilised in preparation to commence drilling. http://www.asx.com.au/asxpdf/20121023/pdf/429l3ctc287kls.pdf
14/11/12 The funds raised pursuant to the Entitlement Offer and placement will be used on the drilling program at the Company’s Ranau Projects in South Sumatra. The Company has received all required approvals from Indonesia’s Energy Regulator BPMIGAS for commencement of drilling at these highly prospective Projects. The targeted spud date for the Kayumanis-1 Well is set for December 2012, subject to rig mobilization and land access agreements. Based on the results of the Kayumanis-1 Well, two further wells are planned in this initial drilling program. http://www.asx.com.au/asxpdf/20121114/pdf/42b5jy1j50h4sh.pdf
And still we wait???
QPN Price at posting:
0.5¢ Sentiment: Hold Disclosure: Held